Magic Eden Launches $1 Million Hackathon to Innovate on NFT Creator Monetization and Royalty Tools
SAN FRANCISCO, 14 October 2022 /PRNewswire/ — In response to the growing trend away from static creator royalties, Magic Eden, the leading cross-chain NFT platform, announced today that it would introduce a Creator Monetization Hackathon with up to 1 million dollars investment to support the development of pro-NFT royalties and alternative monetization tools at Solana.
As a platform committed to serving both collectors and creators, Magic Eden is poised to provide resources that will allow creators to contend with a rapidly changing market. With 1 million dollars Creator Monetization Hackathon, Magic Eden will promote the creation of new creator business models as well as collaborate with partners to develop tools that support a sustainable creator ecosystem.
Magic Eden CEO and Co-Founder Jack Lu commented on today’s news: “We’ve recently experienced seismic changes in the NFT ecosystem. The move away from royalties for creators has been an unfortunate trend, but one that seems inevitable given that royalties are unenforceable at the protocol level. It’s a trend we hope can be reversed in the long run term To accelerate new innovations on creator business models and royalty protection tools, we run a 1 million dollars Hackathon with the community to develop new creator royalty tools that will protect and support creators. We believe this initiative will help us continue to champion a creator-centric business. Our hope is that this is a temporary circumstance and that royalties will return as a consistently viable business model in the future.”
For NFT creators, the potential to receive regular royalties from future sales has attracted thousands of talented creatives to enter the web3 space. Since royalties are not enforceable on the blockchain, and in practice are only paid at the discretion of the platform and the collector, users are increasingly choosing to purchase NFTs on platforms that allow them to bypass royalty fees. Effective today, Magic Eden will also enable optional royalties on their platform and allow NFT buyers to choose full, half or no royalties. The Creator Monetization Hackathon will help mitigate the business impact felt during this transition to an optional royalty model for creators, and will also incubate tools that will protect royalty income and explore new monetization models.
It’s clear that creators need alternative monetization tools, and the second part of the Creator Monetization Hackathon will help cover the initial costs of experimentation for creators. Instead of royalties, creators at this point can explore holding a portion of their supply to introduce back into the market later or set up their own liquidity pools. Top projects may also be able to explore additional revenue streams with Boots, a protocol that allows users to customize feature/skin-based SFTs (semi-fungible tokens) for their existing NFTs. Creators who have a compelling monetization model or are exploring royalty protection tools will be able to apply to the hackathon for grant money and investment support.
For more information on the Creator Monetization Hackathon, please visit Magic Eden’s Twitter: @MagicEden.
About Magic Eden
Magic Eden is the leading cross-chain NFT platform powering the next billion users of Web3. Led by former crypto, technology and hospitality leaders, Magic Eden builds a user-friendly platform powered by market-leading user products. Magic Eden brings dynamic cultural moments to the blockchain, empowering users across thousands of digital communities to create, discover and collect unique NFTs. For more information, please visitwww.magiceden.io.
CONSULT: Dillon AraceM Group Communications (on behalf of Magic Eden), [email protected]
SOURCE Magic Eden
